Objectives: Financial Accounting and/or Reporting
Financial Accounting adds value to companies in many ways. Accountants, CEO’s, Managers, and other financial representatives are expected to perform an analysis of the company’s financials and then report on the financial health of the company through Financial Accounting and Reporting. It is expected that those representatives are competent and have the appropriate knowledge and expertise to perform the analysis and give sound judgement. The results of their representations are then formed into what is the 10k and 10q, reporting to investors and others the financial health of the company. Unfortunately, the 10k and/or 10q may not be sound and may lack negative information, such as decreased earnings or loses. The misstatement of a company’s financials “can be classified as either fraudulent financial reporting or misappropriation of assets, or both” (Mock, 2004). In an effort to reduce the potential of fraudulent financial accounting and reporting internal controls, internal and external auditing and other forms of detection are put in place to produce sound financial reporting.
This fits with my masters of accounting course because it will research and analyze various ways to prevent and detect misleading financial accounting and reporting.
This will analyze how financial accounting and reporting is structured and the steps in place to create the 10k and 10q. We will also talk about fraudulent and or misleading financials, and how to detect and/or prevent fraud. We will cover the consequences of committing fraudulent acts. We will also discuss internal controls and auditing of the financials to ensure they are represented appropriately.
I will research this information using various articles and accounting websites, looking into prior cases and outcomes and other methods of guidance to be used in preventing and detecting misleading financial reporting.
Mock, J. M. (2004). Classic Case Studies in Accounting Fraud (Rep.). https://etd.ohiolink.edu/!etd.send_file%3Faccession%3Dmuhonors1111004894%26disposition%3Dinline
Young, H. D. (2016, June 20). Where Financial Reporting Still Falls Short. Retrieved January 05, 2018, from https://hbr.org/2016/07/where-financial-reporting-still-falls-short
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ACCT 601 Term Paper Week 1 Financial Accounting andor Reporting.docx